London-based private equity firm Apposite Capital LLP, which exclusively focuses on the healthcare sector, invested a "substantial" amount in U.K. dentistry investment group Riverdale Healthcare.
Riverdale will use the money to help fund its investment in Alpha Vitality Group, according to a news release published on the PE Hub Network. Alpha Vitality is a group of 10 dental practices that provide family dental, implant and referral services, as well as orthodontics, across North East England.
Ian Gordon will remain managing director of Alpha Vitality, working alongside existing partners with managerial and clinical director roles within Riverdale. Apposite partner Rory Pope will become a board member at Riverdale.
Metro Bank provided debt financing. Grant Thornton was corporate finance adviser to Apposite and Riverdale. Hazlewoods served as accounting and tax adviser, and Pinsent Masons served as legal adviser. Squire Patton Boggs was legal adviser to management.
Alpha Vitality was advised by Dental Elite on corporate finance, Schofield Sweeney on legal matters and Swallow & Co. on accounting and tax. Gateley was legal adviser to Metro Bank.